Guoquan shareholders pledge one-year lock-up
Guoquan Food (Shanghai) Co. Ltd. (2517.HK), a supplier of ingredients for hotpots and other dining at home, on Monday said a group of its controlling shareholders have committed not to sell their shares for a one-year period starting Oct. 13. They made the commitment as the company’s stock has lost more than half of its value this year.
Signatories to the letter of commitment include Yang Mingchao, Meng Xianjin, Li Xinhua, Guoquan Industry (Shanghai) Co. Ltd., Shanghai Guoquan Enterprise Management Center (Limited Partnership), and Shanghai Guoxiaoquan Agricultural Technology Service Center (Limited Partnership), among others.
The commitment letter covers a total of 1.09 billion shares, accounting for approximately 42.76% of the company’s issued share capital. Guoquan said the one-year commitment reflects the shareholders’ confidence in the company’s long-term value and growth prospects.
Shares of Guoquan opened up slightly on Tuesday, but later reversed course and were down 2.2% in late morning trading. The stock is down 70% from its 52-week high.
By Lau Chi Hang
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